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Tag: InfraCredit

  • InfraCredit, MOBILIST deepen infrastructure capital markets with shares sales to PFAs

    InfraCredit, MOBILIST deepen infrastructure capital markets with shares sales to PFAs

    Nigerian Pension Fund Administrators (PFAs) have acquired significant stakes in InfraCredit. The shares were purchased from MOBILIST, United Kingdom Government’s flagship public markets programme, through secondary market transaction on the NASD.

    MOBILIST’s investment in April 2025 supported InfraCredit’s N27 billion or $17.7 million equity raise and listing by introduction on the NASD OTC Securities Exchange, marking its transition to a public limited company and expanding its domestic institutional investor base.

    The secondary share sale extended that developmental impact by introducing five domestic institutional investors, four of whom did not participate in the initial listing.

    Following regulatory approvals, Nigerian domestic institutional investors will collectively own up to 27 per cent of InfraCredit’s ordinary equity, reinforcing domestic institutional ownership of a strategically important financial institution and broadening its long-term capital base.

    InfraCredit’s ownership framework was designed to evolve toward greater domestic institutional participation, a goal recognised by rating agencies including Agusto & Co., GCR Ratings, and Fitch Ratings in their 2025 assessments. Each reaffirmed InfraCredit’s ‘AAA’ national rating while noting that up to 40 to 50 per cent of its equity is expected to be held by Nigerian pension funds, insurers, and other long-term institutional investors over time.

    British Deputy High Commissioner, Lagos, Mr Jonny Baxter, said United Kingdom consistently prioritises transformational investments that unlock commercial markets, citing InfraCredit as one such example, an indigenous guarantee platform which is now attracting Nigerian institutional investors.

    He said: “To date, InfraCredit has facilitated over N300 billion in financing, valued at more than $500 million equivalent indexed  at issuance, in support of infrastructure development across Nigeria. We’re excited to see this momentum continue to grow, driven increasingly by domestic capital and delivering strong returns to Nigerian investors.

     A win-win where more infrastructure is built to support Nigerian businesses, and more value returned to Nigerian stakeholders”.

    Chief Executive Officer, InfraCredit, Mr Chinua Azubike said the secondary transaction was a proud milestone for InfraCredit and for Nigeria’s financial markets.

    He said: “It reinforces our long-term ownership vision that catalytic foreign investment can pave the way for sustained domestic institutional participation at scale. We are delighted to welcome four new Nigerian pension funds to our ownership base, a reflection of deepened market confidence and the growing role of local investors in financing Nigeria’s sustainable future”.

    MOBILIST Programme Lead within FCDO, Mr Ross Ferguson said MOBILIST’s investment in InfraCredit proved the potential of using public markets to mobilise private – and importantly – local investment in sectors driving sustainable development and growth.

    He said: “The programme’s exit only reinforces this potential and highlights how innovative development finance can generate impact beyond an initial investment by contributing to the creation of deeper, more liquid capital markets while recycling capital for future investments”.

    Analysts said the transaction demonstrateed the catalytic role of capital from development finance actors in supporting the evolution of a sustainable domestic investment ecosystem.

    With MOBILIST’s support, InfraCredit’s listing proved that infrastructure finance companies can attract institutional equity and achieve liquidity in public markets. The successful exit reflected the model championed by MOBILIST, where these actors invest early, de-risk the market, build investor confidence, and responsibly recycle capital once local investors crowd in.

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    It also set an important precedent about the way development finance institutions (DFIs) can approach investment in emerging markets, demonstrating that responsible, well-sequenced exits can strengthen local financial markets by transferring ownership to domestic institutional investors.

    Analysts noted that capital recycling through exits ensures that catalytic public funds continue to unlock new private investments. Through its listing, InfraCredit’s strong governance standards, and transparency framework, provides a credible platform for such transitions, reinforcing confidence in the depth and resilience of emerging market capital structures.

    Analysts pointed out that the transaction further highlighted the growing capacity of Nigeria’s pension and insurance sectors to take a leadership role in financing sustainable infrastructure.

    By creating liquidity for InfraCredit’s shares and attracting new domestic institutional investors, it broadens market participation and institutional ownership, enhancing price discovery and trading depth on the NASD platform, whilst strengthening confidence in infrastructure as a viable and investable asset class within Nigeria’s capital markets.

  • InfraCredit guarantees Craneburg EKSG’s N32.50b 20-year Infrastructure Bond issuance

    InfraCredit guarantees Craneburg EKSG’s N32.50b 20-year Infrastructure Bond issuance

    InfraCredit, infrastructure credit guarantee institution, has announced its guarantee of Craneburg EKSG  Motorway Company’s N32.50 billion 20-year Senior Guaranteed Fixed Rate Infrastructure Bonds Due 2045.

    Craneburg EKSG is a special purpose concession company established by the project promoter – Craneburg Construction Company for the purpose of funding and constructing, as well as the operation and maintenance of the 68km ring road in Ado Ekiti, Ekiti State, under a design, build, finance, operate, maintain and transfer (DBFOM) concession 20-year arrangement.

    Developed under a Public-Private Partnership (PPP), the project leverages InfraCredit’s Guarantee, ensuring sustainable financing and long-term viability, and marks the first corporate infrastructure bond issuance for a sub-national PPP project, under InfraCredit’s Annuity PPP Guarantee Product.

    The project, part of Ado-Ekiti Transportation Master Plan, will improve connectivity, ease urban mobility, and boost economic development in Ekiti. Furthermore, the government intends to unlock economic activities on the project corridor with completion of key developments (e.g. Cargo Airport, Agro-Industrial Processing Zone and Knowledge Zone, among others) to induce more traffic on the project corridor.

    InfraCredit’s Annuity PPP Guarantee Product enables the sustainable financing of new infrastructure in sub-nationals in Nigeria, using technical assistance and project preparation to accelerate state supported and private sector-led development of sustainable revenue generating infrastructure projects, under DBFOM arrangement with the private sector.

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    With the support of InfraCredit’s guarantee, the bond was accorded a ‘AAA’ long-term credit rating by Agusto & Co. and GCR, reflecting the high creditworthiness and quality of the bond. The bond issue, subscribed by seven domestic pension funds, and other institutional investors, offers domestic investors opportunity for diversified, “AAA”-rated assets with strong risk-adjusted returns.

    The bond proceeds will finance the first phase of the project (construction, operation and maintenance of a ring road of approximately 17.84km in Ado Ekiti), which includes procurement and deployment of tolling infrastructure as well as operational technology systems.

    In addition to supporting existing and future developments, the project will improve quality of life for commuters by reducing travel time and minimising accident risks associated with poor road conditions.

    The project will create over 250 direct and 50 indirect jobs during construction, with more 31 jobs post-construction. It supports United Nations Sustainable Development Goals: 1, 2, 5, 8, 9, 10, 11, and 12.

    In a statement, the Chairman, Craneburg Construction Company, Mr. Femi Edun stated: “We are honoured by the trust placed in us by the Ekiti State Government to deliver this transformative project under the innovative InfraCredit Annuity PPP Product. The Product framework has been instrumental in mobilising long-term domestic capital that enables us to sustainably finance and execute this much-needed infrastructure project. As a company recognised for quality and timely delivery, we are committed to ensuring that this project sets a new benchmark for infrastructure development at the sub-national level.”

    Commenting on this milestone project, the Commissioner of Finance, Ekiti State, Hon. Akintunde Oyebode stated that: “This milestone marks a bold shift in how states can attract private capital to drive inclusive development. The Ado-Ekiti Ring Road is not just a standalone project; it is a central part of our infrastructure master plan, designed to connect critical assets such as our airport, knowledge zones, and tertiary institutions. Through innovative partnerships like this, Ekiti State is demonstrating what is possible when government, investors, and technical partners work together to unlock long-term value and accelerate economic growth.”

    According to the Chief Executive Officer of InfraCredit, Mr. Chinua Azubike, “Public-Private Partnerships (PPPs) leverage private sector expertise and capital to finance and manage revenue generating infrastructure projects, while domestic capital markets play a crucial role in providing long term financing for these partnerships, we are excited to have supported an innovative financing model under InfraCredit’s Annuity PPP Guarantee Product to unlock 20-year financing from domestic institutional investors for the concession company sponsored by Craneburg Construction under a Design, Build, Finance, Operate, and Maintain (DBFOM) model, leveraging technical assistance and project preparation to accelerate delivery and scale. The Ado-Ekiti Toll Road Project serves as a blueprint for how effective risk allocation between government and private sector can attract long-term private investment that creates jobs and drives inclusive growth.”

    KfW Development Bank, through a Technical Assistance Financing Agreement with InfraCredit, supported the project’s preparation and development from inception, enabling best practice processes for concessionaire selection. Under the TA Facility, InfraCredit procured a project development expert team in collaboration with the Ekiti State Development and Investment Promotion Agency (EKDIPA) to provide advisory services, including environmental studies, legal advice, as well as technical and commercial feasibility assessments, aimed at enhancing the project’s appeal and ensuring a successful financial close.

    Anchoria Advisory Services Limited acted as Lead Issuing House/Bookrunner, and Coronation Merchant Bank and Greenwich Merchant Bank acted as Joint Issuing Houses and Bookrunners for the transaction.

  • InfraCredit secures  MOBILIST investment, goes public with  NASD listing

    InfraCredit secures  MOBILIST investment, goes public with  NASD listing

    InfraCredit, a ‘AAA’-rated specialised infrastructure credit guarantee institution, has announced the successful equity investment by the UK Government-backed MOBILIST programme, alongside other institutional investors, further strengthening its institutional shareholder base following the completion of its equity private placement.

    This strategic investment marks a major milestone in InfraCredit’s journey, reinforcing its commitment to unlocking long-term, local currency infrastructure financing in Nigeria, and creating sustainable value for its stakeholders. This equity raise involves InfraCredit’s formal transition to a Public Limited Company (PLC) and its listing by introduction on the NASD OTC Securities Exchange (“NASD”). These developments reflect InfraCredit’s continued efforts toward transparency, market development, and the attraction of long-term domestic capital for sustainable infrastructure.

    The equity raise of NGN27 billion (US$17.7 million), comprising investment from MOBILIST and domestic institutional investors, will significantly strengthen InfraCredit’s guarantee issuing capacity, enabling greater support for creditworthy infrastructure projects. It will also result in the diversification of InfraCredit’s ownership structure in line with its envisioned capital structure. The NASD listing is expected to broaden investor participation, provide financial flexibility, enhance price discovery, and improved transparency for InfraCredit among a wider pool of institutional investors.

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    Commenting on this milestone, Chinua Azubike, Chief Executive Officer of InfraCredit, stated; “This moment marks the beginning of a new chapter for InfraCredit. We are pleased with the confidence reposed in us by our new domestic institutional investor shareholders alongside the UK Government through MOBILIST, and our transition to a listed public company with access to equity capital markets. This reflects our ambition to build a deeper, more inclusive capital market for domestic resources that accelerates infrastructure delivery in Nigeria in line with our mission to unlock long-term local currency infrastructure finance. By broadening our ownership and adhering to public market standards, InfraCredit aims to create long-term impact by strengthening investor confidence as a trusted catalyst for sustainable infrastructure finance as we navigate the pathway to growth and scale.”

    Mr. Jonny Baxter, British Deputy High Commissioner in Lagos, commented: “InfraCredit’s success highlights the power and impact of long-term partnerships, and the UK via the Foreign Commonwealth and Development Office (FCDO) is proud to have played a key role in not just the creation of InfraCredit but its continued growth. This transaction illustrates the potential of public markets to mobilise domestic capital at scale. 

    By listing with the backing of MOBILIST, InfraCredit will enable local institutional investors to benefit from the growth opportunities presented by sustainable infrastructure development in their own market while ensuring that the local firms driving these projects can access the capital they need.”

    Speaking on the Listing, Eguarekhide Longe, CEO, NASD commented; “NASD PLC. and InfraCredit PLC. have established a long-standing relationship initiated by the noting of the Multi-Issuer Clean Energy Bond series from 2022. The uniqueness of the Clean Energy Multi-Issuer Bond series underscores the transformational effect that InfraCredit has brought to the Nigerian Capital Market, providing guarantees as incentive to investors, mostly institutional, to participate in the infrastructure debt market.

    As we celebrate this landmark listing on the NASD OTC Securities Exchange, we are convinced that given the innovation-centredness of NASD PLC, the supplementary listing of the shares of InfraCredit will extend our partnership in transforming the Nigerian economic landscape one innovative transaction at a time. Congratulations to the InfraCredit team! “

    InfraCredit has played a catalytic role in de-risking infrastructure investments and mobilising over NGN264 billion in long-term local currency financing across key sectors including renewable energy, housing, transportation, logistics, power, telecoms, and manufacturing, amongst others. Its unique guarantee model supports the development of bankable projects while fostering job creation, boosting local economic growth, promoting gender equality, and advancing Nigeria’s sustainable development goals.

  • InfraCredit goes public with listing on NASD

    InfraCredit goes public with listing on NASD

    Infrastructure Credit Guarantee Company (InfraCredit), a credit guaranteeing company promoted by the Nigeria Sovereign Investment Authority (NSIA) and GuarantCo, has opened up to the general investing public with the listing of its shares on the NASD OTC Exchange Plc.

    InfraCredit listed 15.255 billion shares at N2.43  per share, implying listing value of N37 billion. The listing of InfraCredit increased the Exchange’s total market value to N1.95 trillion.

    Market analysts expected the listing of InfraCredit  on NASD to provide opportunities for investors to invest in a reputable company with growth potential.

    The listing will also boost liquidity and flexibility in trading on the company’s shares.

    Chief Executive Officer, NASD OTC Exchange Plc, Eguarekhide Longe said the listing provides strategic partnership between NASD and InfraCredit.

    According to him, the listing underscores the Exchange’s commitment to providing a platform for companies to access capital, increase liquidity, and enhance their visibility.

    He said the listing was expected to have a positive impact on the market, the company, and investors.

    “We are delighted to welcome InfraCredit to our platform. This listing, demonstrates our Exchange’s ability to attract top-tier companies and provide a conducive environment for businesses to thrive. We are committed to supporting InfraCredit’s growth aspirations and providing investors with opportunities to participate in the company’s success.

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    “At NASD, we foster innovation through technology, creativity through exploring alternative financing structures, efficiency through running a largely digital operation that provides cost advantages to enterprises seeking listing opportunities, and approachability that demystifies the myth of ‘glossy glass buildings’ and ‘expensive suits’ that capital markets are renowned for that mentally debars budding entrepreneurs from exploring capital raise opportunities therein,” Longe said.

    He noted that InfraCredit as a Tripple A rated company allows local and foreign institutional investors to invest in the complex but necessary infrastructure asset class.

    “This listing of InfraCredit reinforces our belief in the impact we know we can make in significantly improving agriculture production, processing, distribution logistics and markets, steel development and fabrication -foundries as the bedrock of industrial transformation, serving as a catalyst to the indigenous automotive industry, scaling renewable energy, housing development and finance, the entertainment and creative industry and solid minerals, just to name a few concepts that we know resonate with InfraCredit. We look forward to an exciting great new vista for InfraCredit, NASD, and the Nigerian capital market in general,” Longe said.

    He pointed out that the listing also serves a strategic initiative by InfraCredit to expand its footprint and impact on the domestic capital market as it currently enhances its capital base from foreign and local investors.

    He added that the listing was a testament to the Exchange’s growing reputation as a platform of choice for companies seeking to raise capital and increase their visibility.

    NASD has gradually evolved to provide a platform for growth enterprises to bridge the gap between the Nigerian capital market and the domestic economy, which has only an approximate 17 per cent share of the Gross Domestic Product (GDP), compared to the South African capital market’s size of approximately 333 per cent to GDP

  • InfraCredit mobilises Green Sukuk for Solar Powered Rural Infrastructure Project in Nigeria

    InfraCredit mobilises Green Sukuk for Solar Powered Rural Infrastructure Project in Nigeria

    InfraCredit, a specialised infrastructure credit guarantee institution, has announced credit enhancement of Prado Power Limited’s Guaranteed Fixed-Rate Senior Green Infrastructure Forward Ijarah Lease Sukuk under a co-financing arrangement with £10 million Climate Finance Blending Facility.

    The scheme was funded by United Kingdom Foreign, Commonwealth and Development Office (FCDO).

    InfraCredit’s Clean Energy Funding Programme seeks to aggregate, de-risk, and unlock domestic investments to support clean energy in Nigeria to contribute towards meeting the country’s electrification goal by 2030 and SDG 7 target of ensuring access to affordable, reliable, sustainable, and modern energy, while putting us on a path to achieve net zero emissions by 2060.

    The Climate Facility provided subordinated first-loss capital that helped de-risk and reduce capital cost of the Project by unlocking InfraCredit’s “AAA”-rated Guaranteed Fixed-Rate Senior Green Infrastructure Forward Ijarah Lease Sukuk that crowded in matching investments from domestic institutional investors in a solar mini-grid project for unserved markets, resulting in affordable interest rate.

    It is the fourth transaction under the Climate Facility and the first blended local currency Green Infrastructure Forward Ijarah Lease Sukuk for a Solar Powered Rural Infrastructure Project in Nigeria. Green Sukuk is an Islamic Shari’ah-compliant finance instrument for eco-friendly projects, creating a new asset class for climate finance and offering investors non-interest based financial returns.

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    Chief Executive Officer of Prado Power, Washima Mede said: “Prado Power is excited to be supported by InfraCredit and the Climate Finance Blending Facility towards construction of four mini-grids and productive use hubs in Benue and Akwa Ibom states. For us at Prado Power, it is important energy infrastructure investments are accompanied by socio-economic improvements in the communities where we operate through job creation and improved livelihood. Through InfraCredit-backed senior debt and the facility, we are accessing long-term blended capital to be used to scale investments in mini-grids and productive use appliances for rural dwellers and smallholder farmers…”

    British Deputy High Commissioner in Lagos, Mr. Jonny Baxter, said: “We are delighted to reach yet another milestone with UK-funded Climate Finance Blended Facility playing a role in mobilising more green-certified local currency debt for off-grid solar projects in Nigeria…”

    Managing Director/Chief Executive Officer of Rural Electrification Agency (REA), Abba Aliyu, said: “REA is proud to support this transaction facilitated by InfraCredit and Climate Finance Blending Facility, marking the first blended local currency Green Infrastructure Forward Ijarah Lease Sukuk for a solar-powered rural infrastructure project in Nigeria…’’

  • InfraCredit secures $30m co-financing facility for renewable energy projects

    InfraCredit secures $30m co-financing facility for renewable energy projects

    InfraCredit has secured a $30 million risk-sharing co-financing facility from British International Investment (BII), United Kingdom’s development finance institution and impact investor, to support clean energy transition in Nigeria.

    The $30 million investment is a dual financing instrument combining a $20 million (N32 billion) local currency counter-guarantee and a $10 million (N16 billion) concessional financing to support decentralised renewable energy (DRE) projects, originated and guaranteed by InfraCredit, an ‘AAA’ rated specialised infrastructure credit guarantee institution.

    The concessional financing will be provided through Climate Finance Blending Facility (CFBF), which is a catalytic first loss multi-donor facility.

    It will mobilise more funding from development partners and domestic institutional investors to co-finance decentralised clean energy with InfraCredit’s local currency guarantees in Nigeria.

    Richard Montgomery, British High Commissioner in Nigeria said: “It has been encouraging to see how CFBF has mobilised $11.48 million (N8.92 billion) to support four Green Certified Local Currency Debt Issuances for rural mini grids and solar powered telephony projects in Nigeria…

    “With BII’s investment, we look forward to amplifying the impact through this facility, which was seeded with £10 million concessional funding by UK Foreign, Commonwealth & Development Office in 2021.”

    Benson Adenuga, head of Office and Coverage Director, Nigeria at BII, said: “Expanding distributed renewable energy in Nigeria is not just an environmental necessity; it’s a path to empowering millions without power, bolstering economic resilience, and reducing costly reliance on diesel.

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    “As Nigeria’s energy demand rises, decentralised clean energy offers a reliable, scalable, and sustainable solution for communities. We are delighted to work with InfraCredit to mobilise more capital to drive this shift. It can redefine growth, from rural villages to cities, lighting the way to a greener future.”

    Chief Executive Officer of InfraCredit, Chinua Azubike, said: “We are delighted to work with BII through this stapled investment of a subordinated first loss facility, with a counter-guarantee facility to strengthen InfraCredit’s capacity to de-risk, reduce capital cost and catalyse domestic institutional investments to scale up renewable energy infrastructure for unserved and underserved markets in Nigeria.

    BII’s investment will catalyse additional private capital and scale support for wider DRE transactions, leveraging InfraCredit’s guarantee. It will reduce the risk profile of DRE projects and lower the cost of local currency debt for developers.

    The investment is also expected to mobilise private capital at scale, highlighting the role of sustainable finance in long-term sector growth.

    InfraCredit’s pipeline of DRE projects has risen, reaching $497.37 million (N746.05 billion) and projected to continue.

  • AfDB, InfraCredit seal $15m loan deal for Nigeria’s infrastructure

    AfDB, InfraCredit seal $15m loan deal for Nigeria’s infrastructure

    Hope is rising to get the needed cash to bridge Nigeria’s infrastructure gap as African Development Bank (AfDB) and InfraCredit struck a $15 million subordinated loan facility deal to strengthen InfraCredit’s capital base and attract institutional investors’ resources to help close Nigeria’s infrastructure financing gap.

    Director-General, AfDB’s Nigeria Country Department, Lamin Barrow and CEO of InfraCredit, Chinua Azubike, sealed the deal in Lagos.

    The facility will boost InfraCredit’s efforts to unlock additional long-term local currency financing through the capital markets for infrastructure projects, primarily by leveraging pools of capital from pension funds and other institutional investors in the West African country.

    Nigeria’s infrastructure gap is estimated to cost between $100 billion and $150 billion annually over the next 30 years. Dataphyte estimates it at $2.3 trillion, and Agusto & Co, and the World Bank at $3 trillion.

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    Last year, FSD Africa Investments (FSDAi), in partnership with Infrastructure Credit Guarantee Company Limited (InfraCredit), have invested £10million into a first-of-its-kind risk-sharing backstop facility, designed to unlock local currency funding for sustainable infrastructure development in Nigeria.

    FSDAi is the investing arm of FSD Africa, a UK International Development-funded regional programme operating in more than 30 countries from its Kenya base, to make finance work for Africa’s future.

    The Risk Sharing Backstop Facility (RSBF) will address the challenge of low credit enhancement by mobilising local institutional investment via bonds into viable early-stage or green-field climate-aligned infrastructure projects.

    By increasing the accessibility of finance for climate-aligned infrastructure projects, the facility will help Nigeria accelerate social and economic development, green economic transition as well as deliver on climate goals.

    InfraCredit is a specialised Nigerian credit guarantee company that mobilises long-term capital from institutional investors to support infrastructure projects, including green and climate-aligned developments.

    Barrow expressed the Bank’s satisfaction with this operation. “Our support to institutions such as InfraCredit demonstrates the importance of promoting innovative and scalable solutions to leverage pools of capital from domestic institutional investors, and position the local capital market as a viable alternative source of long-term funding to bridge the continent’s huge infrastructure deficit, “ he stated.

    In his comments, Azubike said: “We are delighted by the AfDB’s confidence in our business model, which has successfully facilitated private sector investment in impactful infrastructure projects and InfraCredit’s clean energy roadmap that has accelerated green finance for climate-aligned infrastructure, fostering SME growth, job creation, sustainable energy access, and overall economic development. Despite challenging market conditions, we have consistently demonstrated strong fundamentals, solid portfolio performance, a proven track record, and profitability. The further expansion of our capital base by this facility will bolster our ability to support access to long-term local currency domestic credit for our rapidly growing pipeline of infrastructure projects currently worth over N625 billion ($ 430 million), fostering job creation and economic growth.”

    Vice President for Private Sector, Infrastructure and Industrialization at AfDB Group, Solomon Quaynor, said the bank is pleased to boost Infracredit Nigeria with an additional credit line.

    “The African Development Bank is pleased to be providing additional capital to InfraCredit Nigeria. The success of InfraCredit has inspired the replication of its business model across the continent, a key part of our strategy for scaling up private sector financing in Africa. This is evidenced by our support for the establishment of a similar institution in Kenya covering the East Africa region,” Quaynor said.

    The partnership advances several strategic objectives under the Bank’s current country strategy for Nigeria, including stimulating local currency bond market financing across key infrastructure sectors and enhancing economic diversification and competitiveness.

    FSDAi had said InfraCredit’s current investments and project pipeline demonstrates the breadth and variety of projects this facility will support, with projects ranging from distributed renewable energy services for urban residences, to commercial and industrial renewable projects, edge-certified green housing and e-mobility infrastructure.

    The RSBF will raise funding in series, initially from FSDAi, and eventually from other funders – aiming to reach a total capital base of up to $50million.This investment therefore aligns with one of FSD Africa’s primary objectives – developing capital markets by tackling blockages in the system.

    UK Foreign Secretary, James Cleverly, had said: “This investment further demonstrates the UK’s commitment and contribution to Nigeria’s transition to clean energy and builds on decades of UK leadership in mobilising support for climate-related infrastructure challenges. Just like the successes of British International Investment (BII) and our Private Infrastructure Development Group (PIDG), I am optimistic that InfraCredit will continue to grow and mobilise even more private sector capital to invest in better, greener infrastructure.”

    Also, the Chief Investment Officer, FSD Africa Investments, FSD Africa, Anne-Marie Chidzero, had said: “FSDAi’s partnership with InfraCredit on the bridge-to-bond facility introduces a de risking financing solution to mobilise short and medium-term local institutional investment into critically needed infrastructure projects that are currently considered un-bankable without alternative credit enhancement. Moreover, as Africa’s economies struggle to mobilise capital to develop key climate mitigation and sustainable power generation projects, this facility comes as a timely and much-needed intervention for Nigeria’s infrastructure landscape.”

    Chief Executive Officer, InfraCredit, Chinua Azubike, said: I am delighted to work with FSD Africa Investments on an innovative facility which will support much needed, but underfinanced projects realise their ultimate goals and purpose.

    Smart use of catalytic capital can dramatically increase the role of private capital and local intermediaries in investing in Nigeria’s sustainable infrastructure space and help the country develop responses to the significant challenges which confront it from the deteriorating environment and ecology to an unstable energy mix and severe social inequality.